Arison said on Wednesday an agreement was reached for the Heat to remain in the county-owned arena through 2040 in exchange for additional subsidies. The deal would cost Miami-Dade another $121 million over the next 26 years, according to the Miami Herald. The county already kicks in $6.4 million a year under the 1996 pact, which led to Arison financing construction of the $240 million venue.

Not so fast, Gimenez told the Herald.

“We don’t have a deal that I’m recommending,” he said. “It’s unfortunate the Heat put this out now.”

The Heat exercised a contractual option to open lease renewal discussions with the county in 2012. Miami-Dade would be able to begin collecting a fixed rent once a new deal is finalized. To date, the county has only netted about $300,000 from the original profit-sharing agreement. [Miami Herald] — Eric Kalis